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Daniels could receive up to £13m on retirement


Lloyds chief executive Eric Daniels could leave the state-backed bank with around £13m in salary, bonuses and shares when he retires in Autumn 2011.

According to a report in the Daily Telegraph, the 59-year-old is on a £1.035m annual salary and can earn a maximum annual bonus of £2.33m.

It says Daniels is also in line to receive £192,000 a year from his £3.84m pension pot, which he accrued over the nine years he has spent at the bank. He will be able to start drawing from it as soon as he retires.

If Lloyds meets its targets, Daniels is also in line to receive 9.98m of the bank’s shares under its long-term incentive plan. However, the report states it is unlikely that the bank will achieve its targets.

Daniels has waived his bonus for the two years during the financial crisis and his salary has remained unchanged for the past two years.


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